MARINVEST: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
MARINVEST
Largest movements
- Receivables within one year -€609,545
no longer reported in 2025 (was €609,545)
- Tangible fixed assets -€29,836
down €29,836 (-3.9%), from €758,038 to €728,202
of which Land and buildings: -€28,074
- Contributions -€1.1m
down €1.1m (-94.6%), from €1.1m to €61,500
- Other debts +€440,963
up €440,963 (+3,306%), from €13,339 to €454,302
- Debts after one year -€14,739
down €14,739 (-38.4%), from €38,411 to €23,673
- Financial income -€25,979
down €25,979 (-82.9%), from €31,344 to €5,365
- Gross operating margin -€10,753
down €10,753 (-12.3%), from €87,572 to €76,819
- Purchases and services +€9,739
up €9,739 (+11.7%), from €83,162 to €92,901
- Taxes -€8,992
down €8,992 (-61.9%), from €14,522 to €5,530
- Turnover -€6,210
down €6,210 (-3.6%), from €170,735 to €164,525
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,375,345 | €732,366 | -€642,979 | -46.8% |
| Fixed assets | 21/28 | €758,131 | €728,296 | -€29,836 | -3.9% |
| Tangible fixed assets | 22/27 | €758,038 | €728,202 | -€29,836 | -3.9% |
| Land and buildings | 22 | €753,896 | €725,821 | -€28,074 | -3.7% |
| Furniture and vehicles | 24 | €4,142 | €2,381 | -€1,761 | -42.5% |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €617,214 | €4,071 | -€613,143 | -99.3% |
| Amounts receivable within one year | 40/41 | €609,545 | - | -€609,545 | |
| Other amounts receivable | 41 | €609,545 | - | -€609,545 | |
| Cash at bank and in hand | 54/58 | €2,374 | - | -€2,374 | |
| Deferred charges and accrued income | 490/1 | €5,296 | €4,071 | -€1,225 | -23.1% |
| Total equity and liabilities | 10/49 | €1,375,345 | €732,366 | -€642,979 | -46.8% |
| Equity | 10/15 | €1,248,105 | €184,092 | -€1.1m | -85.3% |
| Contributions | 10/11 | €1,135,000 | €61,500 | -€1.1m | -94.6% |
| Capital | 10 | €1,135,000 | €61,500 | -€1.1m | -94.6% |
| Issued capital | 100 | €1,135,000 | €61,500 | -€1.1m | -94.6% |
| Profit (loss) carried forward | 14 | €113,105 | €122,592 | +€9,488 | +8.4% |
| Amounts payable | 17/49 | €127,241 | €548,274 | +€421,034 | +331% |
| Amounts payable after more than one year | 17 | €38,411 | €23,673 | -€14,739 | -38.4% |
| Financial debts | 170/4 | €38,411 | €23,673 | -€14,739 | -38.4% |
| Amounts payable within one year | 42/48 | €83,484 | €524,601 | +€441,117 | +528% |
| Current portion of amounts payable after more than one year | 42 | €13,955 | €14,739 | +€784 | +5.6% |
| Financial debts | 43 | €3,437 | €8,042 | +€4,605 | +134% |
| Credit institutions | 430/8 | €3,437 | €8,042 | +€4,605 | +134% |
| Trade debts | 44 | €27,610 | €28,221 | +€611 | +2.2% |
| Suppliers | 440/4 | €27,610 | €28,221 | +€611 | +2.2% |
| Taxes, remuneration and social security | 45 | €25,143 | €19,298 | -€5,846 | -23.3% |
| Taxes | 450/3 | €25,143 | €19,298 | -€5,846 | -23.3% |
| Other amounts payable | 47/48 | €13,339 | €454,302 | +€440,963 | +3,306% |
| Accrued charges and deferred income | 492/3 | €5,345 | - | -€5,345 | |
| Turnover | 70 | €170,735 | €164,525 | -€6,210 | -3.6% |
| Non-recurring operating income | 76A | - | €5,195 | +€5,195 | |
| Goods, raw materials, services and sundry goods | 60/61 | €83,162 | €92,901 | +€9,739 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,824 | €39,259 | +€2,435 | +6.6% |
| Other operating charges | 640/8 | €25,399 | €23,817 | -€1,581 | -6.2% |
| Gross operating margin | 9900 | €87,572 | €76,819 | -€10,753 | -12.3% |
| Operating profit (loss) | 9901 | €25,350 | €13,743 | -€11,607 | -45.8% |
| Financial income | 75/76B | €31,344 | €5,365 | -€25,979 | -82.9% |
| Recurring financial income | 75 | €31,344 | €5,365 | -€25,979 | -82.9% |
| Financial charges | 65/66B | €4,641 | €4,090 | -€551 | -11.9% |
| Recurring financial charges | 65 | €4,641 | €4,090 | -€551 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €52,053 | €15,018 | -€37,035 | -71.1% |
| Income taxes | 67/77 | €14,522 | €5,530 | -€8,992 | -61.9% |
| Profit (loss) for the period | 9904 | €37,531 | €9,488 | -€28,043 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,531 | €9,488 | -€28,043 | -74.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.